{"F": {"ts_code": "300368.SZ", "name": "汇金股份", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20140123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.94, "pe_ttm": null, "pb": 152.5741, "dv_ttm": null, "total_mv": 525769.839, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.6, 22.4, 26.4, 32.0, 34.5, 18.6], "rev_series": [13.6, 15.9, 5.8, 3.5, 1.8, 1.5], "np_series": [0.6, 0.2, -2.8, -2.5, -2.7, -1.7], "roe_series": [7.0, 1.8, -37.6, -51.7, -106.4, -161.6], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -1.6, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": -0.5, "gm_median": 26.4, "gm_std": 5.9, "gm_stab": 0.78, "gm_chg_2022": -1.1, "npm_median": -79.4, "roe_median": -51.7, "commodity": false, "hard_ratio": 19.8, "fix_assets": 0.8, "goodwill_ratio": 0.9, "pb_calc": 152.57, "capex_dep": 0.09, "interest_debt": 1.1, "debt_ebitda": null, "debt_ratio": 68.8, "debt_mv": 2.2, "payout": null, "div_years": 1, "rev_cagr3": -36.3, "np_cagr3": null, "rev_yoy": -36.1, "np_yoy": 35.1, "np_vol": 750.1, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["金融专用、智能办公及自助终端设备", 18.0], ["智能自助类终端设备", 18.0], ["运维服务及配件耗材销售", 15.0]], "ret_prev_year": 249.3, "ret_prev2_year": -36.4, "ret_ytd": -34.4, "ret_pivot": 302.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.2, "ret_60": 17.4, "ret_120": -16.3, "ret_250": -38.7, "mdd_250": -64.1, "vol_250": 69.5, "pos_52w": 49.7}, "S": {"duration": 100, "pricing": 47, "hard": 32, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 69%,有息负债 1 亿,经营现金流/市值 -0.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 26.4%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.5%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -1.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.09 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -39%,最大回撤 -64%,年化波动 70%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 7% / 17% / -16%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "汇金股份:PE ;股息率 ;毛利率 比行业中位低 9.4个百分点;固定资产占比 比行业中位高 8.1个百分点。"]}}